Blog

Archive for the "Tax planning" Category

Venture Capital Trusts (VCTs)

11th March | Posted in: Company News, Pensions, Savings & Investments, Personal Tax, Tax planning

The end of the 2023/24 tax year is on the horizon, so it is time to consider options to reduce your tax liability for the year.  Most tax planning strategies […]...

Individual Savings Accounts (ISAs)

11th March | Posted in: Company News, Pensions, Savings & Investments, Personal Tax, Tax planning

Your Money, Tax-Free: All About Individual Savings Accounts (ISAs) Saving money is crucial for financial security, but with rising costs, it can be challenging to watch your hard-earned cash grow. [&h...

UK Budget 2024 – Blog 16 – Stamp Duty

9th March | Posted in: Company News, Properties, Property Investment, Tax planning

England and Northern Ireland – thresholds The £250,000 0% threshold for Stamp Duty Land Tax (SDLT), applicable in England and Northern Ireland, remains unchanged until 31 March 2025. The same [...

UK Budget 2024 – Blog 15 – UK Residency and Domicile...

9th March | Posted in: Company News, Foreign income, Personal Tax, Tax planning

Significant tax changes have been announced for individuals resident in the UK but not permanently settled here (known as non-domiciled). While individuals resident and domiciled in the UK must pay [&...

UK Budget 2024 – Blog 14 – Inheritance Tax

9th March | Posted in: Agricultural, Company News, Inheritance tax, Tax planning

Rates and thresholds The main rate of inheritance tax remains at 40%, reduced to 36% for estates where 10% or more is left to charity. The inheritance tax nil rate […]...

UK Budget 2024 – Blog 13 – Tax Regime for Furnished H...

9th March | Posted in: Capital gains tax, Company News, Properties, Property Investment, Tax planning

If you let out residential or commercial property, the profits are taxed as part of your ‘other income’. If you sell property that has been rented out, capital gains tax […]...

UK Budget 2024 – Blog 12 – Capital Gains Tax (CGT)...

9th March | Posted in: Capital gains tax, Company News, Properties, Property Investment, Tax planning

Annual exemption The capital gains tax (CGT) annual exemption will drop to £3,000 in 2024/2025, down from £6,000 in 2023/2024. This change will mean that those selling capital assets such […]...

UK Budget 2024 – Blog 11 – Business Taxes

9th March | Posted in: Agricultural, Allowances, Business Tax, Company News, Tax planning

Tax relief for expenditure on plant and machinery By way of a £1million Annual Investment Allowance (AIA) and, for companies only, unlimited ‘full expensing’, your business is likely to be [&hell...

UK Budget 2024 – Blog 10 – Research & Developmen...

9th March | Posted in: Business Tax, Company News, Tax planning

For company accounting periods commencing on or after 1 April 2024, a new R&D scheme will come into effect, merging the current R&D Expenditure Credit (RDEC) scheme (for larger companies) [&he...

UK Budget 2024 – Blog 8 – Corporation Tax

9th March | Posted in: Business Tax, Company News, Tax planning

Rates from 1 April 2024 Corporation tax rates and thresholds remain at the levels for the year to 31 March 2024 and are as follows: Financial year to 31 March […]...

What are you waiting for? Get in touch and get professional assistance from Johnston Smillie today. Enquire Now